Member Info for ThinIce

Mo said to look out for the RNS on the Iliad deal. There is no question of it dropping, it’s simply about the value.

🙄

Thanks - according to the RNS of 25 September 2025:

"With a clear cash runway into 2027, and multiple near term clinical inflection points, we believe that we are well positioned to deliver value for our shareholders".

I would hope therefore that we will not be looking at a cash raise this year.

It would be interesting to see what (if any) leverag) the company has over J&J (or vice-versa). They are not a major shareholder from what I can see, but have supplied the antibody (teclistamab) free of charge to Poolbeg. There must be an underlying agreement that relates to this and moreover, some protection for J&J. A public placing could potentially hand some control to a J&J competitor!

If the money runs out part way through the trial, where does this leave J&J?

Not this year.

Price coming back- wouldn’t be surprised to see this finishing blue.

Should be well into double figures once Iliad announced.

But no surprises! Those figures are baked in in my view.

Confirmation that Iliad is progressing is key!

Could end up blue at this rate.....RNS anyone?

Whilst logic would suggest that could be the case, I’m really not sure how anyone would be aware that a renegotiation was taking place without a serious breach of NDA. At the very least, that would open up the prospect of another suitor coming to the table, which could be potentially devastating to any contract negotiations.

If this information has somehow got into the public domain, I would be serving an injunction against the reporter and actively looking for the leak.

Sorry if this seems overly dramatic, but it is after all a publicly listed business.

I personally thought the last presentation (interims) was rushed and there were several questions which remained unanswered. I had tabled a question about the institutional sell-off which was (and maybe still is) ongoing at the time. It wasn't addressed.

I would like to see some fresh slides and a bit more enthusiasm. You cannot fault Khan or Pinkerton for their clear technical understanding of their respective roles, but neither are good presenters and I would much rather see a polished and well rehearsed presentation from someone with the ability to build bridges between shareholder and business. Maybe they should give Shaun Chilton a go? And at least have them in the same room so it doesn't look like they hate the sight of each other.

I wasn't a big fan of Friel and his style of 'over exuberance' but at least he instilled some confidence in where the business was heading.

LSInvestor

I tend to agree with your last sentence. This is looking like it could be an excellent private equity play if the contracts are signed and the weakness of the market fails to recognise the potential upside (certainly in the short term). There are a couple of other HCT deals in the pipeline that may keep things moving forward following any iliad announcement, but if share price momentum cant be maintained for the benefit of the shareholders, this could look cheap for a 5-year PE deal.

More of the same slides, more waffle, more excuses, more nervous delivery … think I’ll sit this one out!

I think they should both go.

TBH I’ve lost total faith in both of them. They turn up for investor presentations with the same slides, rattle off the same old bumf (both looking uneasy), then shove off and nothing for another 3 months.

We need fresh blood, enthusiasm, solid/confident forward looking statements and a ‘we’re all in this together’ attitude.

Not sure they are the right pair to take our business to the next level.

Not encouraging much trading here with this spread!?

Thanks Neon - very helpful!

Company news flow has always been this company’s main failing when it comes to their shareholders.

Almost all information on these bulletin boards is gleaned from third party sources. It’s the one thing I have found most unpalatable; they want you to invest, then simply ignore you.

There is no reason we shouldn’t have received one of the following updates:

1.Progressing to signature

2. Delayed (further negotiations, amendments)

3. Not happening.

Not hard is it!?

I can only think that they are crystallising losses before the new tax year. Maybe looking to back 30 days later (B&B).

Not sure about the value of the new HCTs, but Mo did indeed indicate at the interims that there were two further trials in the process of being finalised.

Start of the bed and breakfasting for the new tax year?

Thanks Homer - very interesting.

The below link confirms that BNP Paribas are one of the investors in the upcoming Phase 3:

https://alts.axa-im.com/media-centre/bnpp-am-alts-invests-iliad-biotechnologies-advance-whooping-cough-vaccine

Not as interesting as your contributions, but worthy of posting (for info) none the less.

I very much doubt that. Initially the iliad P3 was due to start Q2 2025, so its already delayed. I suspect that the wait is merely down to the finalisation of the contract. It is after all anticipated that it will be in the region on £15M to £25M (depending on opinions).

I suspect that certain commitments were set down during the funding round. and investors will want to see their money in play soonest.